New Oxfam Report: Austerity Is Still a Dumb Idea

September 13, 2013

In its new briefing paper, A Cautionary Tale: The True Cost of Austerity and Inequality in EuropeOxfam compares Europe’s current austerity measures to the failed “structural adjustment” programs imposed on developing countries by the World Bank and International Monetary Fund in the 1980s and 1990s. The conclusion?  “Europe is facing a lost decade. An additional 15 [million] to 25 million people across Europe could face the prospect of living in poverty by 2025 if austerity measures continue,” says the report.

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